1 Use the below income statment to prepare the mutiple step income statment and solve the queation below: what is the gross profit? For the Year Ended December 31, 2013 Revenues and gains: Sales revenue Gain on sale of investments Interest revenue Expenses: Cost of goods sold 430,000 Salaries and wages 150,000 Marketing and administrative expenses 60,000 Depreciation expense 40,000 Interest expense 30,000 Income tax expense 27,000 Total expenses Net income Basic earnings per share $700,000 110,000 60,000 870,000 807,000 $ 63,000 $1.26